The Financial Ombudsman Service has published the latest complaint figures against financial firms, with banks continuing to dominate.<\/p>\n
In total the Ombudsman, which acts as an arbiter when a complaint is not resolved to your satisfaction, took on 164,347 cases over the second half of 2015, a 6 per cent decrease on the previous period.<\/p>\n
The PPI scandal continues to dominate the workload of the Ombudsman, with 92,000 new complaints opened against the banks in the last six months of 2015.<\/p>\n
As the redress scheme for mis-sold payment protection insurance starts to draw to a close, tens of thousands of customers are still reporting problems with the compensation programme.<\/p>\n
The ombudsman finds in favour of the customers in just over half of all the cases it opens. However, this figure masks a gulf between firms, with some companies losing 97 per cent of the cases brought against them, while others lose just 5 per cent.<\/p>\n
In keeping with its large size, Lloyds Banking Group remains the most complained-about bank. New complaints about Lloyds to the ombudsman rose 8 per cent to 45,585. Barclays\u2019 complaints fell 11 per cent to 18,357, while complaints against RBS, HSBC and Santander also declined.<\/p>\n
A separate study revealed how firms react to complaints on social media.<\/p>\n
That suggested that the banking sector provided the best responses.<\/p>\n
\u201cThe financial services sector has been through a challenging and volatile period in the eight years since the ombudsman first began to publish data about individual financial businesses,\u201d said Caroline Wayman, the chief financial ombudsman.<\/p>\n
\u201cComplaints about PPI still continue to make up over half of our workload. During 2015, PPI complaints finally began to approach stable levels – but we are still seeing the volume of cases at a much higher level than many people expected.\u201d<\/p>\n
The compensation bill from the banks forced to repay consumers mis-sold PPI is now at \u00a322.2bn and despite the Financial Conduct Authority planning to put a deadline on complaints of spring 2018, there is little sign of a let up in the tide of fed-up consumers.<\/p>\n
A separate report showed that claims management firms have taken almost a quarter of the money paid out for payment protection insurance (PPI) compensation.<\/p>\n
The National Audit Office said companies that handle such claims had taken between \u00a33.8bn and \u00a35bn from April 2011 to November 2015.<\/p>\n","protected":false},"excerpt":{"rendered":"
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